Sales across Northern Virginia may be down compared to a year before – no big surprise there – but the market did show some strength in new data for May.
Home sales last month across the region were up 27 percent from April, conforming to historic seasonal norms despite challenges of availability and affordability of properties.
“The environment may be different than a year ago, but we are still selling homes,” said Northern Virginia Association of Realtors (NVAR) board member Colleen Wright. “The small decrease in mortgage rates has helped, but choices remain limited because many homeowners are wary of giving up the great rates they already enjoy. Buyers continue to have to act fast to get what they want.”
Sales for the month totaled 1,821 across Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church. That’s down about 25 percent from May 2022 figures, when the local market was still (relatively) hot, although already being buffetted by affordability, inventory and interest-rate challenges.
And that trend is not likely to abate in the short term, as pending sales for May were down 24 percent from a year before.
Homes sold relatively quickly in May, averaging 13 days on the market and in line with historic springtime norms.
Demand and limited inventory kept prices high: the median sold price for a home in May 2023 was $715,000, almost the same as last May (up 0.2%) but 3.6 percent higher than April 2023.
“The trends we are finding are consistent with our recent mid-year market forecast. Prices will remain stable, with general expectations of modest rises,” said NVAR CEO Ryan McLaughlin.
Total market volume in May was $1.47 billion, up 26 percent from a month before if down 23 percent from a year ago.
Figures represent most, but not all, homes on the market. May 2023 figures are preliminary and subject to revision.
For more data, see the Website at NVAR.com/public.
